§ Mr. Nottasked the Secretary of State for Industry if he will publish the different rates of interest appropriate to each kind of assistance under the Industry Act, which have prevailed since February 1974, and the dates on which they came into force.
Mr. Alan WilliamsThe different forms and terms of assistance to industry under Section 7 of the Industry Act 1972 are explained in the Department of Industry publication "Incentives for Industry in the Areas for Expansion" (pages 13 and 14). The changes in relevant interest rates are as follows:
INTEREST RATES Per cent. … Broadly Commercial Concessionary 1974— … 2nd January … 13½ 10 1975— … 21st April … 11½ 8½ 3rd September … 12½ 9½ 29th September … 13 10 27th October … 13½ 10½ 1976— 19th January … 13 10 16th February … 12½ 9½ 1st March … 12 9 29th March … 11½ 8½ 10th May … 12 9 7th June … 12½ 9½ 2nd August … 13 10 27th September … 13½ 10½ 25th October … 14 11 8th November … 14½ 11½ 22nd November … 15 12 Assistance under Section 8 may be by means of a stipulated level of grant in relation to specified eligible costs, or, like Section 7, may be tailored in certain cases to the needs of the company. Where assistance is in the form of loan or interest relief grant the same principles as Section 7 will normally apply.